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Mississippi Code Title 81. Banks and Financial Institutions § 81-27-7.101

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In addition to any other powers conferred by this chapter, the commissioner shall have the power to:

(1) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule or regulation issued under this chapter.

(2) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution.

(3) Order any company to cease engaging in an unauthorized trust activity.

(4) Enter any order pursuant to Section 81-27-2.302.

(b) The commissioner may impose a civil money penalty of not more than One Thousand Dollars ($1,000.00) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under paragraph (1) of subsection (a) of this section. In addition, the commissioner may impose a civil money penalty of not more than One Thousand Dollars ($1,000.00) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under paragraph (2) or (3) of subsection (a) of this section. All civil money penalties collected under this section shall be deposited in the State General Fund.

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Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-27-7.101 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-27-7-101/

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